The short answer is that I think the majority of the VC fandom preferred Cruise ;D

Compare:

A) Cruise was Lestat. Even in this production still he was Lestat. 

B) Townsend going for like bratty!Lestat:

(by textsfromthevampire ^This meme actually works in reference to Lestat and Stuart Townsend AS Lestat.)

The long answer is:

I didn’t hate Townsend. I don’t like to throw hate on actors for their acting (except James Franco, lol). I’d say ST did the best he could with what he was given. His failure as Lestat was a group effort (makeup, costume, script writer, dialogue coach, director, editor, sfx, etc. all had a hand in what we got on the screen) much as Cruise’s success was a group effort (wherein all those things previously mentioned came together so perfectly).

The actor is one part of the machine in creating that character. The failure or success of the character can ultimately be placed on the director since s/he’s the one who coordinates and makes all the aesthetic choices for the entire film.